🧮 Optimize your business model 🧮
🧮 Increase your profitability 🧮
🧮 Develop your financial management process 🧮
What can I expect from Financial Foundations for Farms?
- This fundamental training helps define, align, and strengthen the key elements of your farm’s finances.
- Farm business owners will establish a solid financial foundation with expert-led instruction, tools, and coaching.
- The training consists of 3 live, virtual group sessions PLUS two 25-minute one-on-one consulting sessions with FFI’s Farm Program Manager.
- Through group instruction, one-on-one consulting, and a plethora of tools and resources, this training will equip you to embark on a path towards profitability.
This is right for you if …
You want to have a financially healthy and consistent farm business
You face financial challenges such as maintaining cashflow or securing financing
You have questions about how to run the financial side of your farm business
You’ve never reached profitability, or your profitability is eroding and you know things need to change
You’re unsure about your financial future as a farm business owner
Participants Say …
“With our trainer’s background in banking, he knew what a loan officer would be looking for when a farmer is applying for financing. This really helped me as a young small business owner to be more aware of the whole picture of financing, banking and lending. We recently got a $95,000 loan for a refrigerated vehicle through RFSI, which is helping us grow our business.”
— Ryan Sullivan, Sullivan Family Farm
What are the financial foundations of a farm business?
Financial foundations are the elements that need to be in place for your farm to get and stay profitable.
They include your business model, profitability calculations, and financial management processes.
To build strong financial foundations, farm businesses need the right processes, tools, and expertise. All of these are provided in this 3-part training!Â
Included in the Training:
- 3 live virtual workshop sessions (2 hrs. each)
- 2, 25-minute one-on-one expert consulting sessions with our Farm Program Manager
- Dozens of financial tools and resources to start using immediately
What to Expect
Optimize Your Business Model
WHAT YOU’LL DO:
- Understand how your business model forms the foundation of your success.
- Define your ideal customer and understand the unique value you deliver to them.
- Analyze the competition and highlight what sets you apart.
OUTCOMES:
- Actionable strategies and tools to refine your business model, empowering you to make smarter business decision
Profitability
WHAT YOU’LL DO:
- Assess: are you making money?
- Understand the process for costing your products to account for unforeseen costs the business may incur, and guarantee profitability.
- Price products with overhead and determine your break-even.
OUTCOMES:
- Walk away with a cost build-up spread sheet that models out your consumer price.
Financial Management Process
WHAT YOU’LL DO:
Understand and get familiar with how to use a farm’s three most important financial documents:
- Profit and loss statement
- Balance sheet
- Cash flow statement
OUTCOMES:
- Be able to plan the future growth of your farm business with confidence.
Meet Your Instructor: Andy Larson
Andy loves to get to know his clients in-depth and provide critical consulting in areas key to farm financial and organizational health. Before joining FFI, Andy worked as an Agriculture and Commercial Loan Officer at German American State Bank, where he had the opportunity to provide commercial credit to scores of local farmers and family businesses in northern Illinois and southern Wisconsin. Prior to his time at the bank, Andy spent a decade working in Extension for Iowa State University and the University of Illinois, working with farmers at every stage, from startup to transitioning to the next generation. He served as state coordinator for North Central Sustainable Agriculture Research and Education.
Andy formed his work ethic and his land ethic growing up on a dairy farm in northernmost Illinois. In 2013 he relocated his young family to the acreage where his grandparents retired, and they grew their backyard chicken hobby into a free-range egg business selling local retail stores, restaurants, and farmers markets. Outside of business hours, you can find him washing and packing eggs, building or fixing something on the farm, or volunteering with an area sustainable and alternative agriculture non-profit. Andy and his wife have three school-age daughters.
Andy earned his Master of Business Administration from Iowa State University and also holds degrees in Natural Resources and Environmental Sciences (University of Illinois) and Anthropology and Environmental Science (Notre Dame).
Scholarship opportunities are available, learn more.